Business
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T&T to revisit the energy fiscal regime: CARICOM BUSINESS
Prime Minister Dr Keith Rowley has announced that the T&T government will revisit the energy sector tax regime to ensure the country remains competitive. This in the wake of a recent study by the IDB said T&T’s fiscal regime for the energy sector is one of the most uncompetitive in the region. The Central Bank’s Energy Commodity Prices Index (ECPI),…
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Caribbean Basin Trade Partnership Act gets US Senate nod: CARICOM BUSINESS
On September 30, 2020, the United States Senate voted unanimously to renew the Caribbean Basin Trade Partnership Act (CBTPA) until September 30, 2030. H.R. 991 had passed the House on September 23rd. The legislation will come into force upon signing by the US President. The CBTPA is a preferential trade agreement that provides for duty and quota-free access for products…
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Suriname unifies exchange rate: CARICOM BUSINESS
The Surinamese economy is officially running at a rate of SRD 14,018 for the purchase of the US dollar from September 22, while it is being sold for SRD 14,290 by the official exchange offices and foreign exchange banks. Maurice Roemer, Governor of the Central Bank of Suriname (CBvS), in making the announcement indicated that the official declaration (unification with…
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Bahamas set to launch e-currency in October: CARICOM BUSINESS
The Bahamas is set to become the world’s first country to launch a sovereign digital currency next month. After piloting the so-called Sand Dollar on the islands of Exuma and Abaco last December, the central bank will roll out the e-currency nationwide in October. Officials say it will make digital payments easier in the tourism-dependent economy. Sand Dollar accounts are…
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Jamaica: Remittances rebound in June: CARICOM BUSINESS
Money transfers to Jamaica are projected to have grown 14.1% for the June quarter, reflecting a recovery from the initial onslaught of the COVID-19 pandemic, based on Bank of Jamaica, BOJ, preliminary estimates. For the month of June alone, remittances were up 42%, the central bank governor said last week. The data validates the signs of resurgence in the remittances…
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Barbados lauded by IMF on economic reform: CARICOM BUSINESS
Barbados has been lauded for its implementation of its economic reform program, while expanding critical investments in social protection. That the result of an IMF staff visit via videoconferencing between August 25-28, 2020, to discuss implementation of Barbados’ Economic Recovery and Transformation (BERT) plan. The Fund noted that all indicative targets for end-June under the EFF were met, with reserves…
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Guyana waives all banking charges for the rest of 2020: CARICOM BUSINESS
The Government of Guyana has announced measures geared towards easing the financial burden on citizens in the wake of the COVID-19 pandemic. According to newly appointed President, Dr Irfaan Ali an agreement has been reached with the local banking sector to extend the moratorium on loan payments until the end of the year and to cut interest rates. “Commercial banks…
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Fifty-nine percent of business contemplate closure – JMEA Survey: CARICOM BUSINESS
Some 59% of Jamaican businesses have been considering temporary or permanent closure of business. That is one of the findings of a Jamaica Manufacturers and Exporters Association (JMEA) Productive Sector COVID-19 Impact Survey conducted April 28 to May 22, 2020. The responses were garnered from the JMEA’s membership base. In making the disclosure at a Private Sector Organisation of Jamaica…
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USA cautions against CARICOM travel, not so says UK: CARICOM BUSINESS
All CARICOM Member States except Dominica have been accorded a Category 3 status by the USA, thereby warning its citizens, a major source of visitor arrivals to the Region, to avoid non-essential travel to the destinations, as the risk of COVID infection is high. For Dominica no health and travel guidance was issued. In the meantime, England has designated 10…
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Bank of Jamaica developing digital currency as legal tender: CARICOM BUSINESS
The Bank of Jamaica, BOJ, plans to test a digital currency as an alternative to cash later in 2020. The Central Bank Digital Currency, or CBDC, would be additional to banknotes and coins, and backed by the Central Bank as legal tender. It will be tenable in Jamaica only. According to the BOJ, the digital currency will be issued to…
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